The 1920s and the 1990s in Mutual Reflection
... compared with the 1990s, namely 1919, 1923, 1929, 1990, and 2000. The similarity in growth rates of output, employment, and productivity over the two decades, and of the unemployment rate and of real interest rates in these years, considerably overstates the similarities between the decades, because ...
... compared with the 1990s, namely 1919, 1923, 1929, 1990, and 2000. The similarity in growth rates of output, employment, and productivity over the two decades, and of the unemployment rate and of real interest rates in these years, considerably overstates the similarities between the decades, because ...
ASSESSING EMPIRICAL RELATIONSHIPS BETWEEN OUTPUT
... so as to understand why European unemployment had remained ...
... so as to understand why European unemployment had remained ...
McCallum rule and Chinese monetary policy
... rates for CPI and GDP deflator are very closely correlated (with a coefficient of 0.98 during 1994Q1-2007Q2). Growth in GDP deflator slightly exceeds the annual changes in CPI since 2000. Therefore, we add the difference between the GDP deflator and consumer price inflation to the announced CPI targ ...
... rates for CPI and GDP deflator are very closely correlated (with a coefficient of 0.98 during 1994Q1-2007Q2). Growth in GDP deflator slightly exceeds the annual changes in CPI since 2000. Therefore, we add the difference between the GDP deflator and consumer price inflation to the announced CPI targ ...
Inflation and deflation
... production. As you know, an increase in costs results in a fall in short-run aggregate supply from SRAS1 to SRAS2. This results in an increase in the average price level and a fall in the level of real output. Cost-push inflation is illustrated in Figure 19.3 The causes of increases in costs are dis ...
... production. As you know, an increase in costs results in a fall in short-run aggregate supply from SRAS1 to SRAS2. This results in an increase in the average price level and a fall in the level of real output. Cost-push inflation is illustrated in Figure 19.3 The causes of increases in costs are dis ...
answer key - U of L Personal Web Sites
... 20. Suppose a recent and widely circulated medical article reports new benefits of exercise. Simultaneously, the price of the parts needed to make bikes falls. What is the likely effect on the equilibrium price and quantity of exercise bikes sold? A) Price of exercise bikes decreases and quantity so ...
... 20. Suppose a recent and widely circulated medical article reports new benefits of exercise. Simultaneously, the price of the parts needed to make bikes falls. What is the likely effect on the equilibrium price and quantity of exercise bikes sold? A) Price of exercise bikes decreases and quantity so ...
A Antonio Martino
... (see Buchanan 1983, p. 144), However, as long as supporters of monetary constitutions widely disagree on what kind of rules must replace the present discretionary conduct of monetary policy, they are unlikely to make theirs a convincing case. I shall, therefore, look at some of the monetary constitu ...
... (see Buchanan 1983, p. 144), However, as long as supporters of monetary constitutions widely disagree on what kind of rules must replace the present discretionary conduct of monetary policy, they are unlikely to make theirs a convincing case. I shall, therefore, look at some of the monetary constitu ...
Goals of the Monetary Policy and the Stability of the Purchasing
... One of the basic goals of the macroeconomic policy, and in those frames of the monetary policy is to secure stabile macroeconomic conditions of action. Such conditions are secured if the monetary funds are in balance with the commodity funds. Each deviation from the balance in direction of increase ...
... One of the basic goals of the macroeconomic policy, and in those frames of the monetary policy is to secure stabile macroeconomic conditions of action. Such conditions are secured if the monetary funds are in balance with the commodity funds. Each deviation from the balance in direction of increase ...
Does the United States Have a Productivity Slowdown or a
... percent per year. (Section 1 and an appendix discuss data, the timing of the bars in the chart, and the similar pattern in measures of TFP). Suppose productivity growth had continued at its 19952004 pace of 3-1/4 percent per year. Then, holding hours growth unchanged, business-sector GDP would be $3 ...
... percent per year. (Section 1 and an appendix discuss data, the timing of the bars in the chart, and the similar pattern in measures of TFP). Suppose productivity growth had continued at its 19952004 pace of 3-1/4 percent per year. Then, holding hours growth unchanged, business-sector GDP would be $3 ...
Inflation and Other Risks of Unsound Money
... State intervention is not required for the proper functioning of money. In a free market, money is acquired by producing and selling goods. Money flows to producers from consumers. To consume one must have previously gained money from production. As any amount of the chosen medium of exchange is suf ...
... State intervention is not required for the proper functioning of money. In a free market, money is acquired by producing and selling goods. Money flows to producers from consumers. To consume one must have previously gained money from production. As any amount of the chosen medium of exchange is suf ...
Lecture 6 - University of Wyoming
... becomes more costly (appreciates), foreign currency price of U.S. goods goes up and foreigners buy fewer of our goods, while Americans purchase more of their goods.” X Overall net exports (NX) falls. X Example: The Asian crisis has reduced fears of overheating in the US economy recently, for this re ...
... becomes more costly (appreciates), foreign currency price of U.S. goods goes up and foreigners buy fewer of our goods, while Americans purchase more of their goods.” X Overall net exports (NX) falls. X Example: The Asian crisis has reduced fears of overheating in the US economy recently, for this re ...
Theses on Financialisation and the Ambivalence of Capitalist Growth
... production of waste and emissions since the industrial revolution clearly demonstrates that (see tables in Exner et al. 2008: 42, Karathanassis 2003: 73), as does the growth of world population. However, a less generalising perspective that pays more attention to the geographic and historical differ ...
... production of waste and emissions since the industrial revolution clearly demonstrates that (see tables in Exner et al. 2008: 42, Karathanassis 2003: 73), as does the growth of world population. However, a less generalising perspective that pays more attention to the geographic and historical differ ...
Business Cycles: The Role of Energy Prices
... Economic theory suggests that real prices will continue falling until aggregate demand and GDP are restored to pre-shock levels. If nominal prices are sticky downward, as most economists believe they are however, the process of adjustment will not take place, and aggregate demand and GDP will not be ...
... Economic theory suggests that real prices will continue falling until aggregate demand and GDP are restored to pre-shock levels. If nominal prices are sticky downward, as most economists believe they are however, the process of adjustment will not take place, and aggregate demand and GDP will not be ...
O`Sullivan Sheffrin Peres 6e
... What went wrong for the Japanese economy during its decade-long economic downturn? Japan’s Lost Decade ...
... What went wrong for the Japanese economy during its decade-long economic downturn? Japan’s Lost Decade ...
Nº 245
... will#actually#decrease#and#the#GDP#deflator#will#increase.#This#paradoxical#behavior#stems#from# the#fact#that#import#prices#enter#the#GDP#deflator#negatively.#In#order#to#solve#the#problem#Kohli# suggests#deflation#of#all#elements#of#nominal#GDP#with#domestic#prices.#This#yields#a#measure#of# GDI# ...
... will#actually#decrease#and#the#GDP#deflator#will#increase.#This#paradoxical#behavior#stems#from# the#fact#that#import#prices#enter#the#GDP#deflator#negatively.#In#order#to#solve#the#problem#Kohli# suggests#deflation#of#all#elements#of#nominal#GDP#with#domestic#prices.#This#yields#a#measure#of# GDI# ...
Inflation Report 3/2000
... A fundamental precondition for exchange rate stability against European currencies is that price and cost inflation in Norway is reduced over time to the level aimed at by the European Central Bank (ECB). At the same time, monetary policy must not in itself contribute to deflationary recessions as t ...
... A fundamental precondition for exchange rate stability against European currencies is that price and cost inflation in Norway is reduced over time to the level aimed at by the European Central Bank (ECB). At the same time, monetary policy must not in itself contribute to deflationary recessions as t ...
Mankiw 6e PowerPoints
... asserts that the Depression was largely due to an exogenous fall in the demand for goods & services – a leftward shift of the IS curve. ...
... asserts that the Depression was largely due to an exogenous fall in the demand for goods & services – a leftward shift of the IS curve. ...
DP2001/06 How much do import price shocks matter for consumer prices? Tim Hampton
... the short-run pass-through dynamics is important for two reasons. First, the short-run dynamics explain the adjustment process to achieving the long-run pass-through for a given permanent shock to import prices. Second, understanding the short-run pass-through dynamics helps to tie down the impact o ...
... the short-run pass-through dynamics is important for two reasons. First, the short-run dynamics explain the adjustment process to achieving the long-run pass-through for a given permanent shock to import prices. Second, understanding the short-run pass-through dynamics helps to tie down the impact o ...
Exam Name___________________________________ 1
... E) anticipated rate of inflation is more than the actual rate of inflation. 8) Suppose the Bank of Montreal wants a five percent real rate of return on all its loans, and anticipates an annual inflation rate of four percent. It should therefore lend its money at a nominal interest rate of A) ten per ...
... E) anticipated rate of inflation is more than the actual rate of inflation. 8) Suppose the Bank of Montreal wants a five percent real rate of return on all its loans, and anticipates an annual inflation rate of four percent. It should therefore lend its money at a nominal interest rate of A) ten per ...
Effect of Government Capital Expenditure on Manufacturing Sector
... sector, as the heart and engine of growth of the economy. This fact is supported by evidences from the developed countries of the world as virtually all of them are industrialised with the manufacturing sector leading the process (World Development Indicators, 2014). Manufacturing sector refers to t ...
... sector, as the heart and engine of growth of the economy. This fact is supported by evidences from the developed countries of the world as virtually all of them are industrialised with the manufacturing sector leading the process (World Development Indicators, 2014). Manufacturing sector refers to t ...
Slide 1
... But old models keep disappearing and often they can no longer find the old model they used to have the price record. Hence, they try to find the price of the closest ...
... But old models keep disappearing and often they can no longer find the old model they used to have the price record. Hence, they try to find the price of the closest ...
NBER WORKING PAPER SERIES TARGETING NOMINAL INCOME: A NOTE Kenneth D. West
... directly to more complicated and dynamic versions of the supply and demand curves. I considered two dynamic versions under the ground rules of the third comment, i.e., rational expectations, with the shocks seen by the authorities ...
... directly to more complicated and dynamic versions of the supply and demand curves. I considered two dynamic versions under the ground rules of the third comment, i.e., rational expectations, with the shocks seen by the authorities ...
PDF Download
... The Ifo World Economic Climate for the 12 member countries of the euro area is the arithmetic mean of the assessments of the general economic situation and the expectations for the economic situation in the coming six months. The October results are based on the responses of 335 experts. As a rule, ...
... The Ifo World Economic Climate for the 12 member countries of the euro area is the arithmetic mean of the assessments of the general economic situation and the expectations for the economic situation in the coming six months. The October results are based on the responses of 335 experts. As a rule, ...
`Turning Points` with Leading Indicators: `Real Time`
... The leading cyclical indicators approach, which became very popular after [Burns and Mitchel, 1946], has also not been able to solve the problem. These indicators usually give a good picture if one looks for a long historical retrospective but they are often not very effective in ‘real-time’, when o ...
... The leading cyclical indicators approach, which became very popular after [Burns and Mitchel, 1946], has also not been able to solve the problem. These indicators usually give a good picture if one looks for a long historical retrospective but they are often not very effective in ‘real-time’, when o ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research Volume Title: Policies to Combat Depression
... that it would continue at least until the end of 1950, but whether 1951 would have been another period of contraction or of expan. sion can only be speculated upon. Preceding the decline in total output, there was thus a weakening in the rate of growth of final sales. When the downturn got under way ...
... that it would continue at least until the end of 1950, but whether 1951 would have been another period of contraction or of expan. sion can only be speculated upon. Preceding the decline in total output, there was thus a weakening in the rate of growth of final sales. When the downturn got under way ...
Chapter 10:
... Next the chapter derives the LM schedule. It does so by first introducing a demand for real money balances as a consequence of the transactions and precautionary motives and a portfolio motive. These are used to motivate the downward sloping money demand curve in the nominal interest rate-real balan ...
... Next the chapter derives the LM schedule. It does so by first introducing a demand for real money balances as a consequence of the transactions and precautionary motives and a portfolio motive. These are used to motivate the downward sloping money demand curve in the nominal interest rate-real balan ...
Long Depression
The Long Depression was a worldwide price recession, beginning in 1873 and running through the spring of 1879. It was the most severe in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War. The episode was labeled the ""Great Depression"" at the time, and it held that designation until the Great Depression of the 1930s. Though a period of general deflation and a general contraction, it did not have the severe economic retrogression of the Great Depression.It was most notable in Western Europe and North America, at least in part because reliable data from the period are most readily available in those parts of the world. The United Kingdom is often considered to have been the hardest hit; during this period it lost some of its large industrial lead over the economies of Continental Europe. While it was occurring, the view was prominent that the economy of the United Kingdom had been in continuous depression from 1873 to as late as 1896 and some texts refer to the period as the Great Depression of 1873–96.In the United States, economists typically refer to the Long Depression as the Depression of 1873–79, kicked off by the Panic of 1873, and followed by the Panic of 1893, book-ending the entire period of the wider Long Depression. The National Bureau of Economic Research dates the contraction following the panic as lasting from October 1873 to March 1879. At 65 months, it is the longest-lasting contraction identified by the NBER, eclipsing the Great Depression's 43 months of contraction.In the US, from 1873–1879, 18,000 businesses went bankrupt, including 89 railroads. Ten states and hundreds of banks went bankrupt. Unemployment peaked in 1878, long after the panic ended. Different sources peg the peak unemployment rate anywhere from 8.25% to 14%.